Cryptocurrencies
Bitcoin’s Crash Seen Driven by Long-Sought Institutional Buyers
- Large owners likely accounted for 70% of exchange activity
- Trading during March rout reviewed by researcher Chainalysis
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Wait until institutional investors show up had been a mantra for Bitcoin advocates since the debut of the cryptocurrency just over a decade ago.
They should have been careful about what they wished. Large professional and institutional traders were among the biggest sellers during the rout that saw Bitcoin tumble about 40% this month, according to analysis from researcher Chainalysis.